42. Interests in companies - Notes to the core accounting statements
Nottinghamshire Fire Safety Limited
Principal activities
Nottinghamshire Fire Safety Limited is a limited company and was wholly owned by Nottinghamshire Fire and Rescue Service. The company was formed on 31st March 2010. The company is engaged in fire extinguisher sales and maintenance together with some safety training activity.
It was determined that the Authority did not control this subsidiary on the basis that the Authority had the power to govern its financial and operating policies so as to benefit from its activities because the board of directors of the subsidiary comprised of five elected members. The accounts of this subsidiary are not consolidated with the accounts of the Authority because the turnover of the company and the value of the Authority’s investment in it were not material when considered in the context of the Authority’s accounts, and corporate governance objectives can be effectively achieved without consolidation. Instead, separate financial statements were prepared for the Authority and for the subsidiary.
The company was considered to be a related party to the Authority, and details of transactions between the two entities are disclosed in Note 35. The Authority’s maximum exposure to loss from its interest in the subsidiary was limited to the share capital sum of £1.
The authorities share in the Company was sold in August 2020 for £163k, and therefore there are no figures for the year ended 31 March 2021. The payment received is shown as Other Investment Income in Note 13.
| 2019 / 20 £000 | |
|---|---|
| Profit and Loss | |
| 386 | Turnover |
| -12 | Operating Profit / (Loss) |
| -12 | Profit / (Loss) on Ordinary Activities before Taxation |
| -11 | Profit / Loss on Ordinary Activities after Taxation |
| Balance Sheet | |
| 245 | Total assets less current liabilities |
The accounts of the company can be obtained from Companies House.